Initial Loan Voluntary Conversion Right Clause Samples

Initial Loan Voluntary Conversion Right. Until (a) a Termination Event, or (b) when and if LCC timely makes its election not to be converted pursuant to its rights set forth in Section 1.2.7 hereof, LCC shall have the continuing option exercisable in accordance with the terms of this Agreement, the Series D Debenture and the Corporation's Charter, from time to time, to convert all or any portion of the unpaid principal balance of the Initial Loan into such number of fully paid and nonassessable shares of Class B Stock as provided in Section 1.2.6.1 hereof, but (i) the option may be exercised, from time to time, in multiples of not less than One Million Dollars ($1,000,000.00), and (ii) only to the extent that such conversion does not cause the Corporation's Foreign-owned Equity to exceed the maximum allowable Foreign-owned Equity.